Oil prices rose more than 1% on Tuesday after the main U.S. energy forecasting agency predicted shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. U.S. West Texas Intermediate (WTI) crude was up 32 cents, or 1.4%, at $22.73, having dropped 1.5% the previous session. The United States, the world's biggest producer, is reducing output as well, and other countries are taking the estimated cut in production to about 19.5 million bpd....
Oil prices rose on Tuesday after a U.S. agency said shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. U.S. West Texas Intermediate (WTI) crude was up 47 cents, or 2.1%, at $22.88, having dropped 1.5% the previous session. With other producers, including the world's biggest, the United States, reducing output as well, the estimated reduction in production is about 19.5 million bpd....
(Bloomberg) -- Treasury Secretary Steven Mnuchin offered reassurances Monday on the stability of the U.S. mortgage market amid the coronavirus pandemic and the squeeze it has put on mortgage servicers.“We’re going to make sure that the market functions properly,” he told reporters at a White House briefing. He added that the Treasury Department has had discussions with the Federal Housing Finance Agency about the mortgage market.“We have all the appropriate people on it,” he said. “We’re very aware of the issue.”Mnuchin said a Financial Stability Oversight Council task force had specifically studied the issue of mortgage servicer liquidity.The problems faced by mortgage servicers have been highlighted in recent weeks. As part of the $2 trillion stimulus bill that Congress passed in March, lawmakers mandated that borrowers be allowed to delay payments on government-backed mortgages for as long as a year.But when homeowners go into forbearance, servicers must still advance payments to...
The Department of Justice (DoJ) and the Office of Foreign Assets Control, a financial intelligence and enforcement agency that is part of the U.S. Treasury department, are investigating BAT for "suspicions of breach of sanctions", the newspaper reported, but said it is not clear which country or countries the regulators are focusing on. The DoJ and BAT did not immediately respond to Reuters' requests for a comment....
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]...
GrubHub, DoorDash, Postmates and Uber Eats were sued on Monday for allegedly exploiting their dominance in restaurant meal deliveries to impose fees that consumers ultimately bear through higher menu prices, including during the coronavirus pandemic. In a proposed class action filed in Manhattan federal court, three consumers said the defendants violated U.S. antitrust law by requiring that restaurants charge delivery customers and dine-in customers the same price, while imposing "exorbitant" fees of 10% to 40% of revenue to process delivery orders. The consumers, all from New York, said this sticks restaurants with a "devil's choice" of charging everyone higher prices as a condition of using the defendants' services....
